SPX Technologies reported strong third-quarter growth, with revenue and adjusted earnings both rising about 20% from a year earlier. The company also revised its 2026 outlook: it lifted its revenue range but narrowed and lowered the top ends of its adjusted EBITDA and adjusted EPS ranges.
Management pointed to continued HVAC demand and stronger profitability in Detection & Measurement. It also said expansion projects are on track to support about $1.1 billion in annual data-center revenue capacity at full production, and highlighted its recent acquisition of FIS Water as an addition to its cooling platform.
Third-quarter results
- Revenue rose 20.5% to $714.5 million for the quarter ended September 26, 2026.
- Income from continuing operations increased 30.4% to $82.3 million. GAAP net income rose 30.6% to $81.9 million, while GAAP earnings per share from continuing operations climbed 25.6% to $1.62.
- Adjusted EPS increased 20.1% to $2.21. Adjusted EBITDA grew 21.7% to $165.7 million, and its margin edged up to 23.2% from 23.0%.
- HVAC segment income rose to $120.8 million from $94.4 million. Detection & Measurement segment income was $52.6 million, compared with $51.7 million a year earlier.
- Cash from continuing operations was $60.1 million, down from $106.8 million in the year-earlier quarter. Capital spending increased to $40.0 million from $10.4 million.
- For the year to date, revenue was $1.96 billion, up from $1.63 billion. Cash from continuing operations totaled $180.3 million, versus $139.8 million, while capital spending reached $79.6 million, compared with $23.6 million.
Updated 2026 outlook
- The revenue forecast is now $2.745 billion to $2.805 billion, up from $2.705 billion to $2.765 billion. The midpoint implies about 23% growth from 2025.
- The adjusted EBITDA range is now $625 million to $645 million, compared with the prior $630 million to $660 million. The new midpoint implies about 25% growth from 2025.
- The adjusted EPS range is $8.20 to $8.50, versus $8.20 to $8.60 previously.
The changes leave the revenue outlook higher, while the adjusted EBITDA range and the upper end of the adjusted EPS range are lower than before. The company cited HVAC demand and execution across its businesses, and said its HVAC capacity projects are progressing toward supporting approximately $1.1 billion in annual data-center revenue at full production.